Blockchain Technology in Healthcare Market Size, Share & Trends Report

Blockchain Technology in Healthcare Market Size, Share & Trends Analysis Report By Type, By Application (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing), By End Use, And Segment Forecasts, 2019 - 2026

  • Published Date: May, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-2-68038-889-3
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2017
  • Number of Pages: 125

Report Overview

The global blockchain in technology healthcare market size was estimated at USD 231.0 million in 2018 and is anticipated to expand at a double-digit CAGR of 63.9% over the forecast period. Increasing incidence of information leaks and data breach coupled with the rising requirement to curb these issues are attributed to the market growth. Strategic initiatives by the key players, high demand to reduce drug counterfeit, and the need for efficient health data management systems are the major factors leading to the adoption of the technology.

North America blockchain technology in healthcare market size

Furthermore, rising investment in the development of efficient healthcare record systems, wearable devices cryptography, and medical examination systems is anticipated to provide this market with lucrative opportunities in the near future. Growing disease prevalence is expected to create a huge amount of data, further boosting the demand for data management.

Moreover, leveraging blockchain technology in healthcare records will ensure that the data cannot be altered to ensure data integrity. Rising investment by the major market players in this technology is further leading to market growth. For instance; in March 2018, IBM launched a low-cost platform especially for startups, to build any blockchain projects. These initiatives are likely to encourage innovations and new healthcare organizations to adopt the technology; thereby, fostering market growth.

Various startups are working on technology to bridge the gap between the healthcare industry and blockchain. ALLIVE, a China-based project, in September 2018, announced to make an intelligent healthcare bionetwork by utilizing the technology, which is expected to address significant issues in the healthcare sector. This is expected to compel other market players to invest into the technology, thereby positively influencing the growth.

Type Insights

Blockchain technology in the healthcare market is inclusive of public and private types. The public blockchain system is commonly used for data management. Currently, Ethereum, a public network, is one of the most commonly used technology in healthcare. It is also known as “permission-less” blockchain system. Low cost and access to a larger database are the major factors leading to the growth of these public networks.

Private blockchains are the permissioned systems. For instance, Linux foundation’s Hyperledger Fabric is an implementation of the private network. They offer privacy, fast transactions, and high security. Therefore, they are designed and used for precise enterprise needs. The major factors leading to the growth of the private sector are data management and recording aspects along with the increase in demand for highly secured supply chain network. An increase in demand for limited access is the major factor leading to the lucrative growth of the segment. Furthermore, the future aspects with regards to technological advancements are expected to lead to a hybrid type of network.

Application Insights

Supply chain management held the dominant market share in 2018. Blockchain applications help preserve data integrity. The technology also helps the pharmaceutical companies facilitate interoperability with the Internet of Things (IoT) devices. It also helps them recruit candidates for clinical trials and regulate the drug supply chain. Blockchain can transform the healthcare sector by lowering operational costs, data corruption, and healthcare process optimization.

Clinical trial is expected to grow at a higher rate during the forecast period. Leveraging the technology in clinical trials also, allows a patient to have full control over data. Integration of the blockchain technology also allows the clinicians to securely connect internally. Information changes or alterations over the blockchain are not allowed, which is anticipated to fuel the market growth in the forthcoming years. Adoption of blockchain technology in medical records ensure data integrity. Similar concepts can be applied to clinical trials, where the records are an important part of legalities.

End-Use Insights

Drug and medical device company segment accounted for the major market share in 2018, owing to the rising adoption of technology for essential functions such as verifying the authenticity of the returned drug, counterfeit prevention, compliance with pharmaceutical supply chain, transparency, and traceability in clinical trials, and improving reliability and quality of clinical trial data.

The hospitals segment is expected to grow at a considerable rate owing to the growing adoption of the technology in hospitals such as the Massachusetts General Hospital (MGH). Healthcare institutions and hospitals are now working on storing patient’s data to safeguard the smooth working of the system. This not only helps in classifying new and old patients but also leverages existing records to complement the doctor’s appointment. Furthermore, the technology will also prevent vital information, such as payment details, address, phone number, against data breaches, and cyberattacks.

Global blockchain technology in healthcare market share

The technology is expected to work in favor of the biggest threat in the current world - data security. For instance; the ransomware attack, on the Fetal Diagnostic Institute (FDI) breached over 40,000 patient’s data in June 2018. Furthermore, UnityPoint Health, in July 2018, announced that data of over 1.4 million patients was breached by a phishing attack. Such incidences of data breaches can be reduced or eliminated through the integration of blockchain technology in the healthcare industry.

Regional Insights

Europe held the maximum market share due to various initiatives taken by the government to secure data breach. For Instance; in 2018, the EU government implemented the General Data Protection Regulation (GDPR). Implementation of GDPR coupled with the enormous growth of blockchain technology is expected to provide businesses with more opportunities in the region. North America is expected to command the second-largest market share over the forecast period. Increasing demand for medical record safety is the major reason for regional growth.

Though the investment in the developing technologies in the U.S. healthcare sector is growing, the issues associated with Electronic Medical Records (EMR) are also on the rise. This upsurges the demand for safe, secure, and managed data sharing between the companies, due to which, major players and other healthcare organizations are investing in the blockchain market.

For instance, UnitedHealth Group, in April 2018, announced its collaboration with MultiPlan, Quest Diagnostics, and Humana to leverage the potential of blockchain to exchange financial and other healthcare information securely. As a result, it is anticipated to have a positive impact on market growth over the forecast period.

Blockchain Technology in Healthcare Market Share Insights

Technological collaborations, government initiatives, and emerging startups are expected to propel the market growth. Currently, the industry is in its nascent stage and healthcare companies together with tech companies are working on the methods to leverage the blockchain at various stages. Some of the major players have entered into collaborations to improve their own platforms. For instance, Synaptic Health Alliance is a partnership of leading healthcare companies focused on advancing data sharing between providers. The alliance consists of established healthcare companies such as Humana, Quest Diagnostics, and Optum.

Synaptic believes blockchain has the potential to increase efficiency and lower costs in many areas within healthcare. HMS Holdings has also stated that there is a place for blockchain in its business. The company has spoken with providers of supporting technology from many large technology companies to achieve this goal. Cerner, Allscripts, and athenahealth have also demonstrated interest in the area. Blockchain has the potential to reshape how healthcare organizations address longstanding issues.

Blockchain Technology In Healthcare Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 576.42 million

Revenue forecast in 2026

USD 11.5 billion

Growth Rate

CAGR of 63.9% from 2019 to 2026

Base year for estimation

2018

Historical data

2016 - 2017

Forecast period

2019 - 2026

Quantitative units

Revenue in USD million and CAGR from 2019 to 2026

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Types, application, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; Germany; U.K.; France; Japan; China; India; Australia; Switzerland; Singapore; Brazil; Mexico; South Africa; UAE

Key companies profiled

PokitDok, Inc.;   Patientory, Inc.; Guardtime; Blockpharma; MedRec; iSolve, LLC; DeepMind Health; Stratumn

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Grand View Research has segmented the global blockchain technology in healthcare market report on the basis of types, application, end-use, and region:

  • Type Outlook (Revenue, USD Million, 2016 - 2026)

    • Public

    • Private

  • Application Outlook (Revenue, USD Million, 2016 - 2026)

    • Clinical Data Exchange & Interoperability

    • Claims Adjudication & Billing

    • Supply Chain Management

    • Clinical Trials & e-Consenting

    • Other Applications

  • End-Use Outlook (Revenue, USD Million, 2016 - 2026)

    • Hospitals

    • Insurance Providers

    • Drug and Medical Device Companies

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2026)

    • North America

      • The U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Switzerland

    • Asia Pacific

      • Japan

      • China

      • Australia

      • India

      • Singapore

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

      • UAE

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